Economy Watch: European View (July 2023)
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Economy Watch | Europe

Monthly updates on the state of the economy in Europe

Economy Watch: European View (July 2023)

July 14, 2023 | Report

Expansionary business activity throughout H1 2023 and improvements in consumer confidence suggest economic activity in the Euro Area likely picked up in Q2. Overall inflation declined again in June. Core prices on the other hand increased further, but mostly due to one-off factors. With underlying price pressures remaining at record high-levels, the ECB is ready to announce another 25 basis points hike in July. All things considered, we make no changes to our GPD growth forecasts, estimating the region will grow by a lukewarm 0.7 percent in 2023, and a modest 0.9 percent rate in 2024.



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